(Reference Translation)

Financial Results Briefing
for the Fiscal Year ended March 31, 2023

June 5, 2023
Securities
identification
証券コード: 7247 code: 7247
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Financial Results Briefing
June 5, 2023 Monday 14:00-15:00
at Mikuni Building

Agenda
1. Consolidated Financial Results for the Fiscal Year ended March 31,
2023
2. Forecast for the Fiscal Year ending March 31, 2024
3. Mid-to-long term Initiatives
4. Q&A Session

Speakers
Hisataka IKUTASatoshi FUJIMORI
Shinji YAMADA

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

President, CEO & COO
Director, Senior Executive Officer, CFO
Executive Officer,
General Manager, Corporate Management2Consolidated Financial Results
for the Fiscal Year
ended March 31, 2023

Note
Our fiscal year begins on April 1 of each year and ends on March 31 of the following year.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

3

FY ended March 31, 2023

Mikuni's Business Segments
Net Sales and Composition Ratio
by Business Segment

Other Business
Welfare vehicles, Nursing equipment

Turf-care
Equipment
Sales of Turf-care equipment etc.

Aircraft Parts
Import and Sales
Precision forged products, etc.

Household Appliances
Device Products

3%
5%
3%
7%

Automotiverelated Products

OthersTurf-care2,509

4,806
AircraftHouse 2,545
6,786

82%

≫ for Four-wheelers
AUTOMOBILEFY ended March 31,
2023t. 2022

CONSOLIDATED
SALES
93,847MILLION YEN≫ for Two-wheelers
MOTORCYCLE

Automotive

77,197

Safety shut-off devices for gas
appliances, gas control devices andother various flow control devices
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Electronic Fuel Injection Systems
Carburetors, Pumps

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FY ended March 31, 2023

Financial Highlights

Fiscal Year ended March 31, 2023 (April 2022 - March 2023)•••

Consolidated sales* recovered to pre-COVID levels, driven by increased sales in the automotiverelated products business.
Operating and ordinary income declined due to insufficient price pass-on of energy and other cost
increases.
Net loss due to extraordinary loss incurred from reorganization of production sites in Greater China.
*Excluding the aircraft parts business for which the accounting treatment has been changed.

OPERATING RESULTS BY SEGMENT
Automotive Products Business• Net sales exceeded pre-Corona ( year ended March 31, 2020) levels and increased by double digits
compared to the previous year.
• In addition to continued growth of the Indian business as expected, demand for large motorcycles andoutboard motors remained strong, especially in North America.
• Operating income decreased by 5.7% y-o-y due to the inability to pass on higher raw materials,
transportation, and fuel costs to customers.
Household Appliances Device Products Business• Despite intensifying competition in China, sales remained on the same level as the previous year due tosuccessful sales expansion.
• Operating loss in foreign currencies narrowed, despite continued revenue difficulties.
Aircraft Component Import and Sales Business• Significant increase in sales due to recovery in tourism demand as well as expansion of our product lineup.
• Operating income recovered to pre-Corona level.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

5

FY ended March 31, 2023

Financial Highlights*continued from the previous page

OPERATING RESULTS BY SEGMENT
Turf-care Equipment, etc. Sales Business• Double-digit revenue growth on the back of recovery in capital investment by customers, particularly golfcourses.
• Operating income returned to the black, partly due to a focus on the after-sales service business.
Other Businesses• Sales increased from the previous year due to strong sales of nursing care equipment.
• Operating loss due to higher raw material costs and the impact of yen depreciation on import prices.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

6

Net Sales and Operating Income
by Business Segment

FY ended March 31, 2023

Net Sales and Operating Income by Business Segment (FY ended March 31, 2022 and 2023)
FY ended March 31, 2022 FY ended March 31, 2023
Net Sales

Operating
IncomeNet Sales

OperatingincomeSales ratio

Operatingincome ratio

Sales ratio

Operatingincome ratio

Automotive
Products

66,245

3,567

77,197

3,362

82.0%

5.4%

82.3%

4.4%

HouseholdAppliances

6,753

(491)

6,786

(636)

8.4%

―

7.2%

―

Aircraft
Component

1,615

286

2,545

347

2.0%

17.7%

2.7%

13.7%

Turf-Care
Equipment

3,877

(33)

4,806

63

4.8%

―

5.1%

1.3%

2,297

(10)

2,509

(48)

2.8%

―

2.7%

―

80,7893,318

93,847

3,089(Millions of Yen)

Other Business

Total(Note)

4.1%

Changein Net Sales

Change in Operating
IncomeAmountRatio

AmountRatio

10,952

16.5％

(204)

(5.7％)

33

0.5％

(144)

―

930

57.6％

61

21.5％

929

24.0％

96

―

212

9.2％

(38)

―

13,057

16.2％

229

6.9％

3.3%

1. Amounts less than one million yen are discarded.
2. Due to the application of the "Accounting Standard for Revenue Recognition" and other standards, changes
from the previous period are shown as "-".
3. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

7

Transition of Quarterly Net Sales
and Operating Income

FY ended March 31, 2023

(Millions of yen)

30,00024,173

Net Sales

25,00020,00019,183

20,373

19,972

21,25924,161

24,874

20,637

15,00010,0005,000

Operating Income (Loss)

0
1,600
1,200

1,307

1,183
719

800

1,057

901
514

415

400

308

0
2021.4-6

2021.7-92021.10-12

Note:
Amounts less than one million yen are discarded.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

2022.1-3

2022.4-6

2022.7-92022.10-122023.1-3

8

(Reference)

Comparison of the Past Three Fiscal Years
Net Sales and Operating Income by Segment (Previous Standard)(Millions of yen)

Automotive Related Products
Net Sales
70,20069,76360,345

100

81,178

116

99

86

Operating Income

March, 2021

March, 2022

March, 2023

3,565

March, 2022

March, 2023

2,736

772

Size of sales with FY03/2020 as 100
March, 2020

3,688

March, 2020

March, 2021

Household Appliances Device Products
Operating Income

Net Sales
5,819

5,818

100

100

6,753

6,786

116

117

March, 2020 March, 2021 March, 2022 March, 2023

-221
-345

March, 2020

March, 2021

March, 2022

March, 2023

-486

-630

Note: Amounts less than one million yen are discarded. (Reference) are the values based on the previous accounting standards.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

9

(Reference)

Comparison of the Past Three Fiscal Years
Net Sales and Operating Income by Segment (Previous Standard)

Aircraft Parts Import and Sales
28,733100

Operating Income

Net Sales
16,441

57

March, 2020

(Millions of yen)March, 2021

19,70922,129

286
190

77

69

March, 2022

347

346

March, 2023

March, 2020 March, 2021 March, 2022 March, 2023

Turf-care Equipment
Net Sales
3,877

3,462

Operating Income
4,806

March, 2020 March, 2021 March, 2022 March, 2023

63

2,568

100
March, 202074
March, 2021

112
March, 2022

139

-33
-169

March, 2023

-386

Note: Amounts less than one million yen are discarded. (Reference) are the values based on the previous accounting standards.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

10

FY ended March 31, 2023

Summary of Income Statement(Millions of yen)

FY ended
March 31,2022

FY ended
March 31,2023

ChangeForecast for
FY ended
March 31,2024

80,7893,318
3,137

93,847
3,089
2,644

13,057(229)(492)

99,0004,000
3,300

Net income attributable toowners of the parent

1,318(1,682)(3,001)

1,600

Net income per share (yen)

39.31
10.00

(50.13)
10.00(89.44)
ー

47.67
20.00

Average rate for the period

109.90131.62Year-end

115.02132.70Net sales
Operating income
Ordinary income

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)Assumedexchange rate:

135

Note:
1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.

3. The forecast dividend per share for the FY ending March 31, 2024 includes a commemorative dividend of 10 yen per share forthe 100th anniversary of the Company's founding.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

11

FY ended March 31, 2023

Summary of Balance Sheet(Millions of yen)

End of March2022

End of March2023

Changein amount

Current assets

51,01053,402

2,391

Fixed assets

45,906

46,705799

Total assets

96,917100,108

3,191

Current liabilities

33,55337,5794,025

Fixed liabilities

31,44430,330(1,114)

Net assets

31,91832,199280

Total liabilities and net
assets

96,917100,108

3,191

Shareholders' equity ratio

32.1％

31.4％

―

925.67yen

936.50yen―

Net assets per share(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

12

FY ended March 31, 2023

Summary of Balance Sheet

Transition of Capital Ratio
40.0%

30.0%

20.0%

33.1%

March, 2019

32.1%
28.6%

29.4%

March, 2020

March, 2021

March, 2022

Transition of Interest-Bearing Debt

31.4%

March, 2023
(Millions of yen)

50,00044,00036,56838,00032,00033,62735,36335,734

March, 2022

March, 2023

30,02726,00020,000March, 2019
March, 2020
March, 2021
Note: Amounts less than one million yen are discarded.
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13

FY ended March 31, 2023

Inventories Quarter-end Balance

1.1 billion yen increase from the end of the previous period (excluding the effect of exchange
rate fluctuations: +0.3 billion yen)

(Millions of yen)
30,00024,35825,00020,00015,00021,372
8,466

19,07725,186
8,493

25,359
9,188

7,969

7,483

15,98322,494

9,451
6,287

10,00013,889
5,000

0

9,696

9,625

March, 2020

March, 2021

March, 2022

15,892

16,692

16,170

1Q

2Q

3Q

Trading
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

14,525

March, 2023

Manufacturing
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FY ended March 31, 2023 Transition of Interest-Bearing Debt and D/E Ratio
Interest-bearing debt at the end of the period was 35.7 billion yen. Although it increased by 0.4 billion yen
from the end of the previous period, excluding the effect of exchange rates, it actually decreased by -0.1
billion yen.
（Times）(Millions of yen)
40,00035,00036,56833,62735,36335,7342.5

2.0
30,00025,0001.5
1.17

20,00015,000

1.12

1.0
0.98

1.02

10,000
0.5
5,000
0

0.0
March, 2020

March, 2021
Interest-Bearing Dept

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March, 2022

March, 2023

D/E Ratio (Net)15

(Reference)

Comparison of Net Sales and Operating Income in Automotive Product Segmentwith the Last Two Fiscal Years (Previous Accounting Standard)(Millions of yen)

ASEAN
12,532

12,491

11,299
8,337

100

India
15,231

100

90

9,353
6,740

67

March, 2020

March, 2021

100
March, 2022

March, 2023

9,358

10,787

9,122

7,435

8,157

8,816

137
100

94

119

March, 2021

Greater China

Europe & Americas
7,886

March, 2020

139

89

151

March, 2022

March, 2023

Japan
9,602
105

100

226

10,17433,919 27,061
100

97

30,113 33,065

89

97

80

March,March,March,March,March,March,March,March,March,

march,March,March,

2020

2021

2022

2023

2020

2021

2022

2023

2020

2021

2022

2023

Note: Amounts less than one million yen are discarded. (Reference) are the values based on the previous accounting standards.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

16

FY ended March 31, 2023

Transition of Cash Flow

Operating cash flow was positive 4,880 million yen. Investment cash flow was negative 5,441
million yen due to a large increase in expenditures for capital investment compared to theprevious year. Free cash was slightly negative(Millions of yen)
10,000

5,000

2,706
2,389

5,078

318

0

-2,876-6,997-5,0004,880-2,371-561-5,441-2,558-4,608-10,000
March, 2020

March, 2021

Operating Cash Flow
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

March, 2022

Invetment Cash Flow

March, 2023

Free Cash Flow17

FY ended March 31, 2023
(Millions of yen)

Depreciation, Capital Investment
and R&D Expenses

Depreciation and Capital Investment
Depreciation

7,364

8,000

Capital Investment

7,000

5,893

6,000
5,000
4,000

5,149

4,762

4,651

4,621

3,284

3,163

March, 2021

March, 2022

3,000
2,000
1,000
0

March, 2020
(Millions of yen)

7,000
6,000

March, 2023

R&D Expenses

5,935
5,081

5,368

5,486

March, 2022

March, 2023

5,000
4,000
3,000
2,000
1,000
0

March, 2020

March, 2021

18

Forecast for the Fiscal YearEnding March 31, 2024

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19

Net Sales and Operating Income
by Business Segment

Forecast for
FY ending March 31, 2024

Net Sales and Operating Income by Business Segment (Results for the previous FY and forecast for the current FY)
FY ended March, 2023

(Millions of yen)
Automotive
Products
HouseholdAppliances
Aircraft
Component
Turf-care
Equipment

Other Business

Total

Net Sales

Operating
IncomeSales ratio

Operatingincome ratio(Forecast)
FY ending March, 2024
Net Sales

OperatingincomeSales ratio

Operatingincome ratio

77,197

3,362

83,000

3,650

82.3%

4.4%

83.8%

4.6%

6,786

(636)

6,700

(200)

7.2%

―

6.8%

―

2,545

347

2,000

400

2.7%

13.7%

2.0%

17.5%

4,806

63

4,800

100

5.1%

1.3%

4.8%

1.0%

2,509

(48)

2,500

50

2.7%

―

2.5%

2.0%

93,847

3,089

99,000

4,000

3.3%

Changein Net Sales
AmountRatio

Change in Operating
IncomeAmount

Ratio

5,803

7.5%

288

8.6%

(86)

(1.3%)

436―

545 (21.4%)

53

15.3％

(6)

(0.1%)

37

58.7％

(9)

(0.4%)

98

―

5,153

5.5%

911

29.5%

4.0%

Note: 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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20

Forecast for
FY ending March 31, 2024

Summary of Income Statement
FY2021 ended
March, 2022

FY2022 ended
March, 2023

Forecast for
FY2023 ending
March, 2024

80,78993,84799,000Operating income

3,318

3,089

4,000

Ordinary income

3,137

2,644

3,300

Net income attributable to owners of
the parent

1,318▲1,682

1,600

Net income per share (yen)39.31▲50.13

47.67

Dividend per share (yen)

10.00

10.00

20.00*

Average rate for the period

109.90131.62Year-end

115.02132.70(Millions of yen)
Net sales

Exchange rate against the U.S. dollar(yen)(Assumedexchange rate:=135yen)Note: Amounts less than one million yen are discarded. Figures in parentheses are negative values.
* includes a commemorative dividend of 10 yen per share for the 100th anniversary of the Company's founding.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

21

Mid- and Long-term Initiatives

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22

Reorganization and Structural Reform of Production Sites in China••

Liquidation of Chengdu Mikuni and transfer of motorcycle parts production toZhejiang Mikuni
Strengthening of Tianjin Mikuni's functions
March 2023
Liquidation started

Oct. 2023
Plant expansion
Tianjin Mikuni

Chengdu Mikuni
・Wastewater purification capability improved
・Processing production capability improved
Shanghai Mikuni

Production Transfer
Throttle bodies formotorcycles
Zhejian Mikuni

April 2023
New production building
Production of automotive partsin addition to gas appliances

Production transfer from Chengdu Mikuni to Zhejiang Mikuni progressed as planned
and mass production started without delay.
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23

Mobility business in India remains favorable
 Expanding business with major local manufacturers in the world's
largest motorcycle market
 In the four-wheel market, enhancing business base with customers such
as Maruti Suzuki and Tata
（Millions of yen)
18,000

Sales by region (India)

16,00014,00012,00010,000
8,000
6,000
4,000
2,000
0

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アセアン
中華圏
欧⽶

24

Accelerating EV Initiatives
We will lift the sales ratio of EV products to higher than 70% of ourautomobile (four-wheeler) business segment by 2030
 Our CCV is used in Nissan e-POWER
Our CCV (Coolant Control Valve) is used in the engine
for the 2nd generation e-POWER of the new Serena of
Nissan Motor.

Products for EV

HEV/PHEV

Coolant Control
Valve



EV compatible
 Set up new production line of electric oil pumps
in Shanghai
 Delivering electric oil pumps to light EV trucks
 Began mass production and supply ofaccelerator pedal modules to a U.S. BEV(battery electric vehicle) venture.

NEW

BEV

accelerator pedal
Electric Oil
Pump
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module25

Disclaimer
1. This document has been prepared on a consolidated basis.
2. This document summarizes the financial results and earnings forecasts that have alreadybeen announced, and is provided solely for the purpose of providing information toinvestors, and is not intended as a solicitation to buy or sell.
3. The forward-looking statements, including earnings forecasts, contained in this document
are based on information available as of the date of the announcement, and actual
results may differ from these forecasts due to various factors.
4. Statements regarding business performance, etc., have been prepared based on various
data that are believed to be reliable, but we do not guarantee their accuracy.

For more information, please contact
Corporate Planning Department
Corporate Division
Phone: +81-3-3833-0532
Mikuni Corporation
13-11, Sotokanda 6-chome, Chiyoda-ku, Tokyo 101-0021, Japan
URL https://www.mikuni.co.jp/
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

26